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1、Eo。.UnPoBt5c.MM M- K wu。doM 0。UBUIJ-V工JSH三裾ZIo oq#KVH。悻IOE9061o。.UnPora.MM M- K wUO do eouro=J一 VH3厚gSISeuvPUeunHOdXwIOUeUI工AlbertSmithisajunioranalystatNelsonGroup.NelsonisacorporationlocatedineurozonefocusingonfoodandbeverageindustryandlistedinNYSE.NelsonsinvestmentportfolioforyearsendedDecember31
2、,2015and2016ispresentedinExhibit1.Asapartofhisresearch,Albertisconsideringthepossibleeffectonreportedincomeoftheaccountingclassificationoffixedincomeinvestments.Exhibit1PortfolioInvestmentInformationEURinthousandsBasinCathayGronolaClassificationAvailableforsaleHeldtoMaturityHeldtoMaturityCostaMarket
3、ValueasofDec31,2015MarketValueasofDec31,2016aAIIsecuritieswerepurchasedatpar.Inadditiontotheportfolio,Nelsonhasanimportantinteroperateinvestment.OnDecember312016,Nelsonpaid300milliontopurchase50percentstakeinGoldenCompany.TheexcessofthepurchasepriceoverthefairvalueofGolden,snetassetswasattributablet
4、opreviouslyunrecordedlicenses.Theselicensesareestimatedtohaveaneconomiclifeofsixyears.ThefairvalueofGolden,sassetsandliabilitiesotherthanlicenseswasequaltotheirrecordedbookvalues.BothcompaniespreparedtheirfinancialstatementsinaccordancewithIFRS.Nelsonhasnotannouncedwhichmethoditwilluse.Smithforecast
5、sthatthosetwocompaniesfinancialresultsin2017willremainthesameastheresultsin2016(excludinganyadjustmentforthemergers).NelsonandGolden,sincomestatementforyearended2016,aswellasthebalancesheetamountasatDecember312016,arepresentedinExhibit2and3.Exhibit2IncomestatementforyearendedDec31,2016Nelson(inmilli
6、ons)Golden(inmillions)NetSales355025802410556BalanceSheetasofDec31,2016bNelson(inmillions)Golden(inmillions)CashTotalLiabilityandEquitybNote:BalancesheetsreflectNelson,spurchaseprice,butnotyetconsidertheimpactoftheaccountingmethodchoice.Additionally,NelsonwantstoenterdairyindustryinVietnamviainvesti
7、nginanexistingcompanyandrealizesitsadvancedtechnologyinmilkproduction.Afterscreening,BlueMountainDairy,aVietnamesedairycorporation,isconsidered.SomeinformationaboutBlueMountainDairyisshownasfollowing:1.During2016,BlueMountainDairyguaranteedbankloansofnon-consolidatedsubsidiaries,soldreceivableswithp
8、artialrecourse,andtookadvancepaymentsfromlargecustomerswhenpossible.2.Despiteoverallworseningeconomicconditions,theallowancefordoubtfulaccountswassignificantlyreducedby300million.3.BlueMountainDairyusesdecliningbalancedepreciationmethodforallfixedassetsexceptfortheleasedasset,whichisdepreciatedwiths
9、traight-linemethodovertheleaseterm.Eo。.UnPoBt5c.MMM-Kwu。doM0。UBUIJ-V工JSH三裾IB(SPUeSnoi3U-)O-OJJJOdIUElss0-山NO-raWUNJUIlls山QU-Bq-raJoJ-q-eeSePgJ-SSePeJ-B-OUOJDJ-6T辨67弹BasinandGronolawillbemeasuredattheirmarketvaluewhereCathayismeasuredatcost.Therefore,thevaluewillbe26,000+34,000+74,000二134,000.Aisinco
10、rrectbecauseGronolashouldbevaluedatmarketvalue.Bisincorrectbecauseheldtomaturityassetisvaluedatcost.20.ComparedtoNelsonsreportedearningsbeforetaxesin2016,ifBasinhadbeenclassifiedasaheldfortradingsecurity,theearningsbeforetaxes(inthousands)wouldhavebeen:A.thesame.EO。.UnPoBt5c.MMM-Kwu。doM0。UBUIJ-V工JSH
11、三裾Ooo73OU-Bcu0PBZ-BUnSBMS9T0ZQ.D0M-P-=SBp:SSBPBs-cn。SU-MErottIUoJwU-PPnPU-J3O-PUe-rapz=eUn辨67弹Eo。.UnPoBt5c.MMM-Kwu。doM0。UBUIJ-V工JSH三裾el-nsJISOJMoU-I-ns。p-noMPoiUJIp三MpolUJIUeJeJJ-P-o-rauSeM91。ZImuQ0o一JA-nbOlIq山PEvoSdUOSaNJ-q三x山UoPsez辨67弹Iftheequitymethodisused,long-termdebttoequity=160/640=0.25.Ifth
12、econsolidationmethodisused,long-termdebttoequity=long-termdebt/equity=(160+120)/(640+300)=0.30.Equityincludesthe300non-controllinginterestundereitherEo。.UnPoBt5c.MMM-Kwu。doM0。UBUIJ-V工JSH三裾JpunpPJ038qP-noS0Eraro5raOIEUoS-NJ-ISBUJ0M-S、一l-lUSUoPSBzz辨67弹Theprojecteddepreciationandamortizationexpensewill
13、includeNelsonsreporteddepreciationandamortization(105million),Golden,sreporteddepreciationandamortization(50million),andamortizationofGoldenslicenses(60million).Thelicenseshaveafairvalueof360million.300purchasepriceindicatesafairvalueof600forthenetassetsofGolden.Thenetbookvalueoftherecordedassetsis2
14、40.Thepreviouslyunrecordedlicenseshaveafairvalueof360million.Thelicenseshavearemaininglifeofsixyears;theamortizationadjustmentfor2017willbe60million.Therefore,projecteddepreciationandamortizationequals105+50+60=215million23.BasedonSmithsforecast,Nelsonsnetprofitmarginfor2017willbehighestunderwhichme
15、thod?A.EquityMethod.Netincomeisthesamemeasuredbyanyofthemethodsbuttheequitymethod.Underequitymethod,netsalesonlyincludeNelsonsresultwhereastheconsolidationmethodincludesbothNelsonandGolden,sresult.Therefore,netprofitmarginishighestusingtheequitymethodEo。.UnPoBt5c.MMM-Kwu。do0。UBUIJ-USH三裾-YAUedlUo-:Pe
16、MU-MO-OJJoiP三v寸Z辨67弹Earningqualityreferstothedegreeofconservatisminreportedearnings.Accelerateddepreciationmethodsareanindicationofhighearningsquality;bothsaleofreceivableswithpartialrecourseandguaranteesofunconsolidatedsubsidiarydebtrepresentoff-balancesheetfinancingtechniques,whichlowerthequalityo
17、fearnings.PhilipMorrisInternationalInc.(PMI)isaleadingtobaccomanufacturefoundedin1987andlocatedinVirginia,UnitedStates.PMI,scigarettesaresoldinmorethan180markets,andinmanyofthesemarketstheyholdthenumberoneornumbertwomarketshareposition.PMIprovidesawidelyapplieddefinedbenefitpensionplanandpostretirem
18、enthealthcarebenefitplantoitsemployeesandretiredemployees.IvyisanequityanalystatJPMorganChase&Co.andisreviewingthePMI,sfile.ShewantstounderstandthefullextentofPMI,spensionobligationtodetermineitssolvencyposition.ShelearnedthatPMIpreparesitsfinancialstatementsusingUSgenerallyacceptedaccountingprincip
19、les(USGAAP).Ivyandherassistant,Miller,foundsomeinformationaboutPMI,spensionplansfromfootnotesandsummarizedthedatainExhibit1.aUsingtenpercent,thegreaterofbeginningplanassetsandprojectedbenefitobligationruletoamortizethecumulativeamountofunrecognizedactuarialgainsandlosses.IvyfoundthatPMIchangeditsass
20、umptionswhendeterminingtheprojectedbenefitobligationandpostretirementbenefitobligationsduring2017.ThedetailsareshowninExhibit2.DiscountrateHealthcarecosttrendrateassumedfornextyearUltimatetrendrateYearthatratereachestheultimatetrendrateMillerwantstounderstandtheimpactsonthoseassumptionschangesanddis
21、cusseswithhersupervisor.InterestcostmightdecreaseifdiscountrateincreasesforPMIsincethecompanyhasarelativelyyoungworkforce.While,decreaseinexpectedrateofreturnonplanassetswillaffecttotalperiodicpensioncostfor2017Z,Millersays.Inaddition,Ivynoteszztherewerebigchangesinassumptionappliedforpostretirement
22、healthcarebenefitplan.ThosechangeswoulddecreasePMspostretirementobligationsin2017.MillerwantstocomparetheinterestcoverageratioofPMIwiththeratiosofindustrycompetitorstodetermineitssolvencyposition.USTOBACCOInc.isatobaccocompanyfoundedin1980withsimilarsizewithPMI.USTOBACCOalsoadoptsdefinedbenefitplanf
23、oritsemployeesbutwassufferingapoorinvestmentperformanceformanyyears.SelectedfinancialdataofUSTOBACCOInc.areshowninexhibit3.MillerfindstheanalysisresultsareabnormalcomparedwiththeratioofindustryaverageandaskedIvyforhelp.AfterreviewingMillersworkingpaper,IvynotestoMilIeryouneedtomakesomeadjustmentsfor
24、P&Lbeforecalculatingtheratios/7PeriodicpensioncostrecognizedinSelling,GeneralandAdministrativeExpenseswas$2,000consistedof:IvyasksMillertopayattentiontoPMI,sstock-basedcompensationplans.Fromthefootnotes,MillerlearnsthatPMIhadannuallygrantedstockoptionandrestrictedstockunit(RSU)awardstokeymanagersand
25、directors.Thegrantsofkeymanagerstockoptionawardsvestafterthreeyearssincegrantandhavea10-yearlife.Keymanagerrestrictedstockunit(RSU)vestandaresettledinsharesofcommonstockfiveyearsfromthegrantdate.Exhibit4showstherelevantinformationonshare-basedcompensationplans.RestrictedStockUnit(RSU)(inthousands)Gr
26、antDate5,0002017L800(1,300)(120)5,380Ivyfindsthatincalculatingthecompensationexpenseforstockoptionsgranted,PMIutilizeabinomialvaluationmodel.Assumptionsutilizedinthemodel,whichareevaluatedandrevisedtoreflectmarketconditionsandexperience,hadbeenchangedduringlasttwoyearsshowninexhibit5.Estimatedlifeof
27、stockoptionsStatement1:Actually,duringtheserviceperiodofstockoptionandRSU,therewouldbeanegativeimpactonthetotalequityofPMIsincethecompensationexpenseshouldberecognizedduringthisperiod/Statement2:zzStockoptionscanbestalignmanagersinterestwithshareholdersinterestinpracticeandprovideliquiditytothecompa
28、nywhenoptionsareexercised.Incontrast,cash-settledshare-basedcompensationrequiresacurrent-periodcashoutflowsfromthecompanyandwouldleadmanagerstoberiskaverse/25.UsingtheExhibit1andExhibit2,theperiodicpensioncost(inUnderUSGAAP,theperiodicpensioncostrecognizedin2017iscalculatedas:aIncreasingthediscountr
29、atecanresultinalowerprojectedbenefitobligationandcreateanactuarialgainduring2017.Accordingtothecorridorapproach,ifcumulativeamountofunrecognizedactuarialgainsandlossesatthebeginningofthereportingperiodexceeds10percentofthegreaterofthedefinedbenefitobligationorthefairvalueofplanassets,theexcessshould
30、beamortizedinP&Lovertheexpectedaverageremainingworkinglivesoftheemployees.assumptionschanges,whichoffollowingstatementismostaccurate?A.Millersstatementregardingchangesondiscountrateiswrong.B.Millersstatementregardingchangesonexpectedrateofreturnonplanassetsiscorrect.C.Ivy,sstatementregardingchangeso
31、nassumptionsappliedforpostretirementhealthcarebenefitplaniswrong.AiswrongbecauseMillersstatementregardingchangesindiscountrateiscorrect.Biswrongbecausedecreaseinexpectedrateofreturnonplanassetswillnotaffecttotalperiodicpensioncostfor2017.Changesinexpectedrateofreturnonplanassetsonlyaffectperiodicpen
32、sioncostrecognizedinP&L.Ciscorrect.Decreasingbothhealthcarecosttrendrateassumedfornextyearandultimatetrendratewilldecreasepostretirementbenefitobligations,butincreasingyearsthatratereachestheultimatetrendratewillincreasepostretirementbenefitobligations.Solvy,sstatementiswrong.O。.UnPOPB.MMM-KwUOd30MB
33、oUBUIJ-VuJtHM三oj;+ju-山一sO-Uo=EOomssroMZLoZJojud仁oIurUDJ-3ruueSXx3voq0iSncu0lJUnSS1。OISPgS=SBm一OlP-IoadU-PZ-Ucuo0。BSUBdxeUo-IBSUBdUJOO七JolUnoIUBH辨67弹ForRestrictedStockUnit(RSU),thetotalvalueofRSUsgrantedonJul.1st,2017isbasedonthefairvalue(usuallymarketvalue)ofthecommonstockatthegranddate,1,800units*$
34、65.2=$117,360.TheserviceperiodofRSUsisfiveyears.SincethemanagershaveearnedthecompensationfortheperiodfromJul.1sttoDec.31st,2017,thecompensationexpenseshouldberecognizedinP&Lattheendof2017tobe$117,360/5*(1/2)=$11,736.o.UnPoP.MMM-KwUOd30MBoUBUIJ-VuJtHM三roP-PloMuolp三MuooposJonIMu-U-IIUBIBPU-oSUO-IdlUnS
35、SBjoll*6Z辨67弹Onlythechangeswhichmakethecompensationexpensesdecreasehavepositiveimpactonnetincome.Lowerstockpricevolatilityandrisk-freerate,shorterestimatedlifeofstockoptions,andhigherdividendyieldwouldresultalowerfairvalueofstockoptionandlowercompensationexpenses.30.RegardingthestatementsmadebyMille
36、r,whichofthefollowingstatementsismostaccurate?Statement1iswrong.Asthecompensationexpenseisrecognizedovertheserviceperiod,retainedearningsdecreaseandpaid-incapitalincreasesaccordingly.Thus,thereisnonetimpactontotalequity.Statement2iswrong.Stockoptionshavesomedrawbacksthatitmightleadmanagerstoberiskav
37、erseanddilutetheexistingshareholdersownership.Comparedwithcash-settledshare-basedcompensation,equity-basedcompensationplansdonotrequirecashoutflowsfromthecompany.Incontrast,cash-settledsharebasedcompensationplanshavesomeadvantagesforexample,thepotentialforriskaversionislimitedandshareholderownership
38、isnotdiluted.GFLtd.,aUK-basedfoodcompany,sells50%ofitsproductstodomesticmarketinBritishpounds(GBP)and50%totheUSAinUSdollars(USD).CostsareincurredinBritishpounds(GBP).Echo,ananalystataUK-basedfirm,ispreparingananalysisofGF.GFusesInternationalFinancialReportingStandards(IFRS)inthepreparationofitsfinan
39、cialstatements.TodayisMarch1,2018,twomonthsafterbalancesheetday.First,EchoturnsherattentiontotheeffectofthetransactionsundertakeninUSdollars(USD)byGF.Atyear-end(December31),GFhadalargeoutstandingreceivableinUSDrelatedtotheUSAsalesincurredonOctober30,2017.Thecompanyreceivedtheamountinfullonitsduedate
40、ofFebruary1,2018.ShereviewsthechangeintheexchangerateofGBPtoUSDshowninExhibit1.GBP/USDClose0.620.680.64Then,shenoticesthatGFhasanon-domesticsubsidiary.YDYLwasestablishedonJanuary1,2015tofacilitateexpansionofGFnetworktoChina.MostofYDYUsrevenuescomefromtheChinesemarketbutcostsareincurredinmultiplecurr
41、encies:WagecostandotherexpenseareprimarilyinChineseYuan(CNY).RawmaterialsarenormallypricedinBritishpounds(GBP).AlthoughYDYLdidnotcontributeprofittoGFinboth2015and2016,theCNY-denominatedsalesamountedtoapproximately30%ofGF,s2017revenuesduetothehugepotentialoftheChinesemarket,andtheyareexpectedtogrow10
42、%-15%nextyear.TwoweeksafterGF,sfiscalyearend(December31,2017),EchomeetswithAlice,CFOofYDYL,todiscusstheinternationaloperation.Alicepullsoutthedraftyear-endresults(Exhibit2,3)andsomeexchangeratedata(Exhibit4)，Exhibit2:SummarizedDraftBalanceSheetforYDYLzonDecember31,2017CNYMillions)Cashandcashequivalent2001508511,200LlOo2,3003307401,070LlOo1302,300Exhibit3:SummarizedDraftIncomeStatementforYDYL,for2017(CNYMillions)Sales770COGS46060503040Netincome130CNY/GBPClose8.708.728.888.80
